Which of the following is a difference between acceptance and revocation? A) Revocation is valid only if the offeree receives it , while an offeree’s acceptance is valid when dispatched. ... Revocation can be done by the offeror or offeree, while an acceptance can only be done by the offeree.
Is a voluntary exchange of promises between two or more legally competent persons to do?
A contract is a voluntary arrangement between two or more parties that is enforceable at law. It is a legally- binding agreement that obligates two or more parties to complete certain tasks.
What is the significance of the age of majority in relation to legal contracts?
38) What is the significance of the age of majority in relation to legal contracts? A) People below the age of majority can directly enter into lawful contracts. legal contract.
What is the difference between an agreement and a contract quizlet?
An agreement exists when two people’s minds meet on a certain subject, but a contract only results when the parties intend to be legally obligated by the terms of the agreement.
Which of the following statements is true of an offer that was not communicated quizlet?
Which of the following statements is true of an offer that was not communicated? The offer is considered to be an implied term . The offeree can claim an offer that was not communicated. The offer cannot be accepted by the offeree if not communicated.
What are the 4 requirements for a valid contract?
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality . In some states, element of consideration can be satisfied by a valid substitute.
How do you prove contractual intent?
In order to constitute a valid contract, an offer must be made and accepted with the intention of being legally bound . However, it’s not necessary to have a real or apparent intention to form a legal relationship. It’s usually construed from the conduct of the parties.
Why is 18 the age of maturity?
Why is 18 considered the age of adulthood? Because that’s when people get to vote . ... Before the passage of the 26th Amendment in 1971, 21 was the minimum voting age in most states—and thus served as the age of adulthood in most areas of law.
Does a contract always have to be in writing?
Most contracts can be either written or oral and still be legally enforceable, but some agreements must be in writing in order to be binding. However, oral contracts are very difficult to enforce because there’s no clear record of the offer, consideration, and acceptance.
When there is a mutual mistake of a material fact?
A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract . They are at cross-purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable.
What makes an agreement a contract?
An agreement becomes a contract when it is enforceable by law (Section 2(h) of Indian Contract Act). ... In this section, an agreement is a contract when it is made for some consideration, between competent parties, with their free consent and for a lawful object .
What is the difference between an agreement and a contract?
The terms “agreement” and “contract” are often used interchangeably, but they aren’t necessarily the same thing. A contract is a specific agreement – usually in writing and signed – with terms and conditions that are enforceable in court. An agreement may fall short of being an enforceable contract.
When a seller wishes to retain certain fixtures or accessories These items are called?
When a seller wishes to retain certain fixtures or accessories, these items are called: Exclusions .
Which of the following is an incorrect statement regarding rejection of an offer?
Which of the following is an INCORRECT statement regarding rejection of an offer? ... An offer is not terminated if the offeree rejects it.
Which of the following describes the mirror image rule?
In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement, states that an offer must be accepted exactly with no modifications . The offeror is the master of their own offer.
Which of the following describes what is meant to revoke an offer?
Under the common law, an offeror may revoke (i.e., withdraw) an offer any time prior to its acceptance by the offeree . ... If no time is stated in an offer, the offer terminates after a “reasonable time” dictated by the circumstances. 79) Explain the importance of “time of acceptance” of contracts.
